By MDA Staff Writer | October 6, 2026
MISSISSIPPI DELTA — Mississippi State University Extension has released an updated guide intended to help property owners understand how local governments determine and use property taxes.
The guide explains the state’s five property classifications, assessment ratios, millage rates and homestead exemptions.
Single-family, owner-occupied residential property falls under Class I and is assessed at 10% of its true value. Most other real property, including agricultural, rental and business property, is classified as Class II and assessed at 15%.
Business personal property is placed in Class III, public-utility property in Class IV and motor vehicles in Class V. Each class carries an assessment ratio established by state law.
After a property’s assessed value is determined, local millage rates are applied to calculate the gross tax. County governments, municipalities and school districts establish their respective levies as part of the annual budgeting process.
Property-tax revenue supports public schools, libraries, community colleges, roads, recreation, fire protection, law enforcement and other local services. Mississippi counties depend heavily on property taxes because counties do not receive sales-tax revenue.
The Extension guide also explains regular and special homestead exemptions, including provisions available to qualified homeowners who are at least 65 years old or completely disabled.
Individual tax bills depend on local assessments, millage rates and exemptions. Property owners with questions about a specific parcel should contact their county tax assessor or tax collector.
Source: MSU Extension’s “Understanding Mississippi Property Taxes” guide and Extension publication index dated Oct. 1